Here is the report.
Here are some of the highlights:
- Experienced slight decline in private student loans for 2007-08 school year
- "...private loan volume declined slightly in real terms, from $19.2 billion in 2006-07 to $19.1 billion in 2007-08. About 85% of these loans go to undergraduate students.
- SLA estimates that lenders constituting 30% of the private loan market in 2007-08 are no longer lending to students today.
- While Direct Lending only constituted 20% of overall federal loan volume in 2007-08, that is likely to change dramatically as more schools make that shift.
- "The proportion of federal loans provided through FDSLP declined from 34% in 1997-98 to 27% in 2002-03 and 20% in 2007-08.
- The results of SLA's recent survey of financial aid administrators suggests that Direct Lending could reach parity with FFELP as early as the 2009-10 academic year.
- Prevalence of undergraduate students taking out federal and private loans (all data below from College Board)
- The percentage of all undergraduates, both full-time and part-time, taking out Stafford Loans increased from 33% in 1997-98 to 42% in 2007-08.
- The parents of about 4% of undergraduate students took out federal Parent Loans for Undergraduate Students (PLUS) averaging $11,700 in 2007-08.
- About 10% of undergraduates borrow from private sources, either instead of or in addition to taking out federal loans (NPSAS and calculations by authors)
- Who graduates with debt and how much do they owe?
- College Board report indicated "In each year between 2000-01 and 2006-07, an estimated 60% of bachelor’s degree recipients borrowed to fund their education. Average debt per borrower rose 18%, from $19,300 to $22,700 in 2007 dollars over this time period.
- Project on Student Debt also recently produced their research on this topic.
- College Board report indicated "In each year between 2000-01 and 2006-07, an estimated 60% of bachelor’s degree recipients borrowed to fund their education. Average debt per borrower rose 18%, from $19,300 to $22,700 in 2007 dollars over this time period.
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